Posted 2/1/2024, 4:46:00 PM
Jobs Growth Cools in January but Stays Solid as Economy Nears Full Employment
- Forecast of 185,000 new jobs added in January, but beware of distortions from annual seasonal adjustments that can throw off the jobs number
- U.S. economy likely added under 200,000 jobs in January, down from 312,000/month early last year, showing hiring has cooled
- Unemployment rate expected to inch up to 3.8% in January from 3.7% as more people enter job market
- Wage growth forecast at 0.3% for January, with annual increase holding around 4.1%, still higher than Fed's 3% target
- Goal is slower wage growth to keep inflation in check even as job creation remains decent at over 150,000 per month